DP Aircraft I Limited Company Update (0204H)
April 01 2022 - 9:27AM
UK Regulatory
TIDMDPA
RNS Number : 0204H
DP Aircraft I Limited
01 April 2022
1 April 2022
DP Aircraft I Limited
Company Update
Thai Airways
The Board of DP Aircraft I Limited (the "Company") is pleased to
advise that final documentation in relation to the revised Thai
lease arrangements for aircraft TQC and TQD has now been completed
and signed. The terms of the new arrangements reflect those set out
in the Letter of Intent signed between the Company and Thai Airways
last year i.e.
- a Power by the Hour (PBH) arrangement which will remain in place until the end of 2022
- an extension of the lease term by 3 years to December 2029,
with the Company retaining a right of early termination in December
2026 after consulting with its lending banks (the "Thai
Lenders")
- scaled-back monthly lease payments from 2023 to 2026,
reflecting the reduced rates now seen in the market, with further
scaleback in the event that the lease continues beyond 2026
Income is currently being received by the Company under the PBH
arrangement through the operation of aircraft TQD and aircraft TQC
which has also generated PBH income previously and is expected to
be operational again in the near future following a period out of
service to allow for the recent installation of a replacement
engine.
Discussions will be held in due course with the Thai Lenders to
determine the basis upon which loan repayments and interest
payments could best be scheduled to reflect the new lease
arrangements.
Norwegian Air
As announced last year, the banks providing loan finance in
respect of the Company's two Boeing 787-8 aircraft (LN-LNA and
LN-LNB) leased to Torskefjorden Leasing Limited, part of Norwegian,
declared an event of default under the relevant loan documentation.
As a consequence, the assets were placed into receivership along
with the related cash balances and proceeds from the sale of the
Norwegian shares previously received by the Company. The lenders
subsequently sold their interests in the loans and related
security, and the new owner of those interests has now sold the
aircraft. As anticipated and previously provided for, no funds are
available for remittance to the Company following the disposal of
the aircraft, and there is no further recourse against the
Company.
Proposed fundraising
Given the tight financial constraints within which the Company
is currently operating, the Board intends to consult with its
largest shareholders in the near future to discuss a modest equity
fundraising (c.US$0.75m) by way of a tap issue in order to provide
the Company with additional working capital. Further details of the
fundraising will be announced in due course in the event that the
Directors determine to proceed with it. Any investors who wish to
express an interest in participating in the fundraising should
contact the Company's brokers, Investec Bank plc, directly.
For further information, please contact:
Aztec Financial Services (Guernsey) Limited +44(0) 1481 748833
Sarah Felmingham / Chris Copperwaite
Investec Bank plc +44(0) 20 7597 4000
David Yovichic/Denis Flanagan
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDUAUSRUOUSRAR
(END) Dow Jones Newswires
April 01, 2022 10:27 ET (14:27 GMT)
Dp Aircraft I (LSE:DPA)
Historical Stock Chart
From Apr 2024 to May 2024
Dp Aircraft I (LSE:DPA)
Historical Stock Chart
From May 2023 to May 2024